Buying property in India is no longer a tiresome & tedious process. With the reforms taken by the government & expansion of the real estate sector in a legal order over the years, it has become seamless & easy to buy property in India. Following are the factors that have helped ease the buying & selling process of property in India:
Simplified registration process: Buying and selling property is now more transparent and seamless than ever with a wholly digitised registration process. Now the registration process can be completed without much effort & in some cases, even from the comfort of your home. This has really made property dealings a cakewalk for buyers, sellers, and promoters alike. Additionally, the revised process completely takes the human error element out of the equation. Hence, it's a win-win! The buyers are no longer required to possess the pragmatic know-how to buy property in India.
Availability of professionals: Post the 1991 LPG reforms, the real estate sector in India has witnessed a boom. This resulted in a surge in demand for professional real estate service providers for property transactions in India. These service providers are highly professional in their conduct & assist a buyer or seller in the entire process. This has made the massive task of buying & selling real estate certainly a smooth & speedy thoroughfare. These professionals range from real estate agents to legal professionals. The job has ceased to be a complex one. With the expertise & valuable experience of these professionals, buyers are all covered up in their encounters with the nitty-gritty details of transactions.
Online real estate platforms: Traditional way of buying a property includes multiple visits to multiple sites, giving huge brokerage fees to third parties & dealing with heavy-weight paperwork & administrative lethargy. But with the penetration of the internet, many prominent & reliable real estate platforms have made their space as reliable online real estate platforms, providing end-to-end real estate services to the customers. These platforms generally provide customers with 3D floor plans before the actual site visit. If the buyer finds the floor plan attractive, only then does the need for a physical site visit arise. These online platforms also have the region-wise classification of properties like Property in Delhi NCR. In this way, the online real estate platforms save much time for the buyer & making the entire process reliable, transparent, convenient & swift.
RERA Regime: With RERA in place, the buyers' interests are protected. It's a step in the right direction as it protects home buyers and strives to boost the annual appreciation rate of properties. Also, with everything well defined, the sector becomes stable & predictable. RERA helps buyers in making informed decisions & hence reduces the risks involved to a new low. With timely reforms initiated by the government through RERA, the buyers now experience a reliable & transparent process. They get better & timely delivery of service.
Easy home loan terms: Post lockdowns, the economy has been showing good recovery signs. The prospects are pretty promising for buyers as banks have eased their margin requirements for home & commercial real estate loans. Some of the major banks have even offered up to 70% of the total amount of property as a loan at a very minimal interest rate. This easy availability of loans has further eased up buying properties as procuring money in a short period is always a difficult task for the buyer. Even the real estate companies now provide good financing options. Easy home loan availability at favourable terms makes this task effortless & swift.
Conclusion:
The task of buying a real estate property in India has now completely transformed from being a tiresome, time consuming & tedious process to a flawless, speedy, reliable & predictable one. With the prospects of real estate transactions being risky yet dividend-yielding, it is important for the buyers to care for the nitty-gritty details of the entire process. The way land transaction process has transformed in India in recent years has helped in making the entire process convenient, trustworthy & authentic.
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